The partnership entails Equifax supplying Homely with Open Banking data and credit insights, including consumer-facing scores, affordability characteristics, and credit report data. Through this collaboration, Equifax's data will aid aspiring buyers by ensuring that rental payments are duly recognised and rewarded within customers' credit and affordability scores. Equifax will also facilitate the platform's user registration process using its Open Banking ID solution for accurate customer identity verification.
Homely, which aims to streamline and digitise the home-buying process for UK consumers, is set to launch its direct-to-consumer platform later this year. This platform will offer connectivity to various lenders and home-buying schemes, and it will also be available through white labelling for lenders and mortgage brokers.
In the company press release, officials from Homely highlighted the significance of Equifax's technology in assisting prospective homebuyers. They emphasised its role in providing easily understandable actions for individuals aiming for homeownership.
In turn, officials from Equifax UK expressed excitement about powering Homely's platform with credit score data and Open Banking solutions. They stressed the importance of transparently assessing customer affordability in the home-buying journey and the potential of solutions recognising creditworthiness through rental payment history to enhance financial inclusion and open up new markets for lenders.
Founded in 2021, Homely is a digital platform that aims to make homebuying more accessible through technology and partnerships. It collaborates with landlords, renters, and financial institutions to enhance transparency and accountability in the rental and buying process while providing rewards and incentives through brand partnerships.
Equifax, a global data, analytics, and technology company, operates internationally, facilitating critical decisions for financial institutions, companies, employers, and government agencies. With headquarters in Atlanta, US and a global workforce exceeding 14,000 employees, Equifax operates in 24 countries across North America, Central and South America, Europe, and the Asia Pacific region.
In February 2024, UK-based Embedded Finance partner for brands, Aro announced its collaboration with Equifax in order to deliver a new data-driven marketplace. In essence, the partnership aimed to provide a new credit card and loan service for the Equifax Marketplace. The solution was set to enable clients and customers to compare credit cards, as well as secured loans and personal loan tools in a simple and efficient manner.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now